Sounds like ace angel podcaster Frank Peters just lost one of his charter sponsors due to him releasing an interview with me about my recent change of angel investing strategy. Gust, nee AngelSoft, pulled their sponsorship of him. I don’t know anyone who has been more supportive of both angel groups and Gust than Frank.
I explain in the podcast why so many entrepreneurs avoid going to angel groups–they are too damn slow. And I said that in the new wired world, many of the functions that traditionally have been provided by angel groups are now done better via the internet: better education, better access, and via syndicates, better filtering. What’s a better filter, agreeing to listen to someone, or listening and then putting money into a company? The former describes an angel group approach, the latter a syndicated approach. I then simply stated that Gust had based its business model on the old approach, linked to a pre-internet world of angel groups, rather than the current world where the most connected angels share deals outside of groups.
Before we went on, I told Frank I intended to take on the sacred cow, the raison d’etre for angel groups themselves, and by extension, that of his sponsor, Gust. Frank replied, “We’re journalists, say what you think.” I feel terrible that he’s now paying the price.
I haven’t spoken with Frank since the interview, but I think that it sucks that being open to airing non-traditional thoughts has cost him. Take a listen to the interview, but join me in doing the right thing and donating a few bucks to help keep his podcast going. It’s the only game in town for good audio interviews on angel investing.